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I pay for 75 down/75 upload speeds, but as of the past 2-3 months, I have been getting speeds of 2.5~7 mb down.. This is rediculous considering that I'm not even getting half of what I paid for. Also, my ping/latency has been extremely high for the past few months.. I've ran speedtests at http://www.verizon.com/speedtest and the results have been the same. Please help..
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You need to contact Verizon. These forums are mostly to peers and not considered contact. See some of the Contact US options on all the web pages. Notably the general phone number. Ignore the automated answers and forum options that Contact Us may point you to. Once you have gone a round or two with regular support, and if its still not fixed, you can ask the admins here to help escalate your problem, but you need to see if support can help first.
From others who have compalined it may be a problem in your area (e.g., North Virginia had a problem that may or may not be resolved) or it may be some equipment such as the ONT at your home or the OLT at the local Verizon office.
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What modem do you have?
For the best results you need the FiOS advanced WIFi router and or the FiOS Quatume Gateway Gen 3 and Gen 4 respec.
Call tech support, ask them to run a health check, and make sure enough light is provisioned to your house
If you don't have either of those modems and or would like to upgrade to the next one, call tech support and request a specific replacement with that color and modem. Be sure to name it by color.